IRT Refinances $50 Mil in Senior Notes

ATLANTA-Locally based based IRT Property Co. is selling $50 million of 7.77% senior unsecured notes to repay $50 million of 7.45% senior unsecured notes due April 1. The move delays any loan maturities until 2003. Interest on the new notes will be paid semi-annually on April 1 and Oct. 1.

“This debt offering further enhances our capital structure and flexibility by eliminating any loan maturities until 2003,” James G. Levy, IRT executive vice president and chief financial officer, says in the statement. “Our ability to complete this offering on favorable terms also demonstrates the strong demand for grocery-anchored shopping centers.”

The firm’s 2000 net earnings increased 5.8% by year-end to just over $29 million or 91 cents per diluted share. That compared to 86 cents per diluted share for the same period in 1999.